Yangzijiang acquires investment fund

Singapore-listed shipbuilder takes over Chinese equity company for around $30m.

Yangzijiang Shipbuilding is continuing its investment in Chinese financial companies.

The Singapore-listed shipbuilder said it has paid CNY 190m ($29.9m) for 95% of Nanjing Saiyang Equity Investment Enterprise (NSEIE).

It explained the core business of its latest addition is, among others, equity and asset investment.

More specifically, NSEIE is an investment fund with a preference on digital new media, internet and energy saving.

Yangzijiang said this acquisition will help the company enhance the management’s expertise in cash redeployment.

Last November the shipyard splashed out $15.6m to acquire a 40% stake in ZLPFL, a Chinese financial leasing company.

NSEIE will operate as a subsidiary of Yangzijiang.